{"id":32150,"date":"2023-11-09T02:52:36","date_gmt":"2023-11-09T06:52:36","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=32150"},"modified":"2023-11-09T02:52:36","modified_gmt":"2023-11-09T06:52:36","slug":"bitcoin-dominates-overtakes-ethereum-in-24h-nft-sales-volume-for-the-first-time","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/09\/bitcoin-dominates-overtakes-ethereum-in-24h-nft-sales-volume-for-the-first-time\/","title":{"rendered":"Bitcoin Dominates: Overtakes Ethereum In 24H NFT Sales Volume For The First Time"},"content":{"rendered":"

In a turn of events within the non-fungible token (NFT) market, Bitcoin (BTC) has achieved a significant milestone by surpassing Ethereum (ETH) in 24-hour NFT sales volume<\/a>. This marks the first time that Bitcoin has outperformed Ethereum in this aspect.<\/p>\n

BTC\u2019s NFT Breakthrough<\/h2>\n

Bitcoin\u2019s recent achievement of surpassing Ethereum<\/a> in 24-hour NFT sales volume signals a changing trend and growing interest in the NFT market.\u00a0<\/p>\n

While Ethereum has long been recognized as the dominant blockchain for NFTs, Bitcoin\u2019s entrance into the space demonstrates its increasing relevance and appeal to NFT enthusiasts and collectors.<\/p>\n

The data <\/a>highlights that Bitcoin accounted for $17,291,694 in NFT sales, with 575 buyers participating. On the other hand, Ethereum recorded $26,689,252 in total sales, with 11,225 buyers.\u00a0<\/p>\n

Despite Ethereum maintaining a higher total sales figure, the relatively lower wash percentage of Bitcoin suggests a potentially healthier and more organic market activity.<\/p>\n

However, when it comes to volatility, data from Deribit, the leading crypto derivatives exchange<\/a>, shows that the spread between ETH and BTC volatility, commonly referred to as the ETH DVOL vs. BTC DVOL spread, has narrowed significantly since October 23rd from -11.6 to just -0.6. This shift indicates a change in investor sentiment and increased attention towards Ethereum and altcoins<\/a>.<\/p>\n

In light of this development, Ethereum has outperformed Bitcoin over the past fourteen days. ETH has seen significant price movement, gaining over 2% in the last 24 hours, 6% in the last seven days, and 4% in the last fourteen days, bringing its current price to $1,899.<\/p>\n

Meanwhile, Bitcoin has exhibited a slowdown in its upward momentum and is currently consolidating above $35,400. It has seen a 2% increase in the past 24 hours, 3% in the past seven days, and 1% in the fourteen-day timeframe. <\/p>\n

However, it is important to note that BTC has gained more than 82% year-to-date, while ETH has only increased by 30% during the same period, according to CoinGecko data<\/a>.\u00a0<\/p>\n

Nasdaq 100 Correlation With Bitcoin Plummets<\/h2>\n

According to recent Kaiko data<\/a>, BTC has witnessed a significant decline in its correlation with traditional assets throughout the year. One notable development is the diminishing correlation between Bitcoin and the Nasdaq 100 index.\u00a0<\/p>\n

Over the past year, Bitcoin\u2019s 60-day correlation with the Nasdaq 100 has substantially declined, plunging from over 70% in September 2022 to approximately 19% as of last week.\u00a0<\/p>\n

Bitcoin\u2019s negative correlation<\/a> with the US dollar, which ranged from 40% to 50%, has also weakened. Currently, the correlation is around 11%, signifying a reduced tendency for Bitcoin\u2019s value to move in the opposite direction of the US dollar.<\/p>\n

While Bitcoin\u2019s correlation with gold has seen some upward momentum since August, the average correlation throughout the year has remained relatively low at 12%.\u00a0<\/p>\n

This suggests that the relationship between Bitcoin and gold has been modest regarding price movements and indicates a potential divergence in investment characteristics between the two assets.<\/p>\n

Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

In a turn of events within the non-fungible token (NFT) market, Bitcoin (BTC) has achieved a significant milestone by surpassing Ethereum (ETH) in 24-hour NFT sales volume<\/a>. This marks the first time that Bitcoin has outperformed Ethereum in this aspect.<\/p>\n

BTC\u2019s NFT Breakthrough<\/h2>\n

Bitcoin\u2019s recent achievement of surpassing Ethereum<\/a> in 24-hour NFT sales volume signals a changing trend and growing interest in the NFT market.\u00a0<\/p>\n

While Ethereum has long been recognized as the dominant blockchain for NFTs, Bitcoin\u2019s entrance into the space demonstrates its increasing relevance and appeal to NFT enthusiasts and collectors.<\/p>\n

The data <\/a>highlights that Bitcoin accounted for $17,291,694 in NFT sales, with 575 buyers participating. On the other hand, Ethereum recorded $26,689,252 in total sales, with 11,225 buyers.\u00a0<\/p>\n

Despite Ethereum maintaining a higher total sales figure, the relatively lower wash percentage of Bitcoin suggests a potentially healthier and more organic market activity.<\/p>\n

However, when it comes to volatility, data from Deribit, the leading crypto derivatives exchange<\/a>, shows that the spread between ETH and BTC volatility, commonly referred to as the ETH DVOL vs. BTC DVOL spread, has narrowed significantly since October 23rd from -11.6 to just -0.6. This shift indicates a change in investor sentiment and increased attention towards Ethereum and altcoins<\/a>.<\/p>\n

In light of this development, Ethereum has outperformed Bitcoin over the past fourteen days. ETH has seen significant price movement, gaining over 2% in the last 24 hours, 6% in the last seven days, and 4% in the last fourteen days, bringing its current price to $1,899.<\/p>\n

Meanwhile, Bitcoin has exhibited a slowdown in its upward momentum and is currently consolidating above $35,400. It has seen a 2% increase in the past 24 hours, 3% in the past seven days, and 1% in the fourteen-day timeframe. <\/p>\n

However, it is important to note that BTC has gained more than 82% year-to-date, while ETH has only increased by 30% during the same period, according to CoinGecko data<\/a>.\u00a0<\/p>\n

Nasdaq 100 Correlation With Bitcoin Plummets<\/h2>\n

According to recent Kaiko data<\/a>, BTC has witnessed a significant decline in its correlation with traditional assets throughout the year. One notable development is the diminishing correlation between Bitcoin and the Nasdaq 100 index.\u00a0<\/p>\n

Over the past year, Bitcoin\u2019s 60-day correlation with the Nasdaq 100 has substantially declined, plunging from over 70% in September 2022 to approximately 19% as of last week.\u00a0<\/p>\n

Bitcoin\u2019s negative correlation<\/a> with the US dollar, which ranged from 40% to 50%, has also weakened. Currently, the correlation is around 11%, signifying a reduced tendency for Bitcoin\u2019s value to move in the opposite direction of the US dollar.<\/p>\n

While Bitcoin\u2019s correlation with gold has seen some upward momentum since August, the average correlation throughout the year has remained relatively low at 12%.\u00a0<\/p>\n

This suggests that the relationship between Bitcoin and gold has been modest regarding price movements and indicates a potential divergence in investment characteristics between the two assets.<\/p>\n

Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>\n

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